The Eurogroup, the informal group of European Union finance ministers, has named a new president. Jeroen Dijsselbloem will take the position for a term lasting two and a half years. He is currently the finance minister of The Netherlands, a post he will retain.

The president is elected by a simple majority of the Eurogroup's members.

Dijsselbloem replaces Jean-Claude Juncker, the first and until now only "permanent" president of the organization. Juncker had been the top official since the beginning of 2005. Prior to that, the president position changed on a rotating basis.

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